To Market or Not Market Your Short Sale Listing?...That is the Question!

You Just Got A Short Sale Listing...Do you spend time and money to market it?

Sally & David Hanson wrote a great blog about short sale marketing. You can read it by clicking here!

Very interesting blog about marketing your short sale listing. Obviously, Sally and David Hanson made very good points about their opinion as to why an agent should market the property. Their main point is that regardless if this is a short sale or a retail listing, an agent should put together a marketing plan to try to sell the property.

I, on the other hand, come from a different opinion. I just use a pricing strategy. Lower the price on a scheduled basis and the property will eventually get an offer. Unfortunately, because of my opinion, the reputation of my company was questioned. I want to display the response and answer the argument here, on this blog:

THE COMMENT FROM Russel Ray, San Diego home inspector (Russel Ray, Property Consultant):

Wow. Amiri Property and Financial Services Corp. is a great example of why one needs to check references. That's the kind of attitude that does the realty profession harm in the public's eye:

* just put it on the MLS, keep it as clean as possible.

* When it is BPO time, put the sign on the front lawn, remove the lockbox and keep it a mess!

* That's one of the benefits (in my opinion) to a short sale listing. No marketing.

* Their house will eventually go under contract and get sold (even if the grass is 5 ft tall!). ;)

As my wise old grandmother would say, "Mamma mia!"

I wouldn't hire them if they were the last company on Earth.

THE RESPONSE:

Russel - You are more than welcome to your opinion. Sally (I assume) and I sometimes do have differing opinions on short sales. Regarding this subject, it's really a matter of opinion. I think it is unwise to spend money on marketing of a short sale listing in which you really have no control of it's outcome. I also don't believe asking the sellers to spend any money on their efforts to sell the place. Priced right, the listing will eventually get an offer. I base this on the fact that I never lost a short sale because I didn't have a buyer in place AND of my personal belief that my clients should use their money to help with their move and not to maintain a property which they will soon lose.

Would you do a home inspections if I were to pay you based on the outcome of your report? In other words, would you work for your clients when there is no certainty that you would make money? Knowing that there is a chance that you won't get paid, would you pay to turn on the utilities before you get there so that you can inspect the property properly? I'm already risking my time and efforts on a transaction that I have no idea on how it will end up. I am not going to spend money or have my clients spend money to make repairs or market it.

Finally, I hate to lower myself in order to make a point, but I read a post of yours where you complained about one of your clients and made disparaging remarks about her. Wow, insulting your clients behind their back while pretending to be a professional! Russel Ray Home Inspections is a great example of why one needs to check references. That's the kind of attitude that does the home inspection profession harm in the public's eye. I wouldn't hire them if they were the last company on Earth.

Would that be a fair assessment of your company? When debating short sale marketing, try to stick with the discussion at hand without resorting to ad hominem attacks. Take care.

THE QUESTIONS:

WHAT MARKETING, IF ANY, DO YOU DO FOR YOUR SHORT SALES?

DO YOU INCUR COSTS? IF SO, USUALLY HOW MUCH AND WHO PAYS FOR THESE COSTS?

IN YOUR OPINION, DOES THE TIME AND EFFORT PAY OFF? ESPECIALLY THOSE OF YOU IN DEFICIENCY STATES.